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A Brief History of Swiss Gold Coins

21 Jun 2024 - Coins Home Page

Switzerland, renowned for its pristine landscapes and impeccable craftsmanship, also boasts a rich history in coinage. Swiss gold coins, and particularly the Vreneli, have become iconic symbols of the country's monetary heritage. 

The Vreneli: Helvetia and Swiss Miss

The Vreneli gold coin, often referred to as the Helvetia or Swiss Miss, is the most recognizable Swiss gold coin. The coin features a portrait of a young woman, Vreneli, symbolizing the nation of Switzerland, with the majestic Swiss Alps in the background. On the reverse side, the Swiss coat of arms is prominently displayed.

Origin of Vreneli

The name "Vreneli" is derived from a character in "The Tale of William Tell," an enduring symbol of Swiss independence and folklore. The English name for these coins is the "Helvetia Head," a nod to the Helveti tribe, the chief tribe in the region now known as Switzerland. The Romans, upon expanding their empire, renamed the area Helvetia in honor of this tribe.

Sizes and Specifications

Vreneli coins were minted in three main denominations: the 10 Franc (half), 20 Franc, and 100 Franc varieties. The most common Vreneli coin is the 20 Franc coin, which weighs 5.8 grams. This weight was a standard for 20 Franc gold coins across several European countries during the early 1900s, including France, Belgium, and Italy. These countries issued their own versions of 20 Franc gold coins, each weighing 5.8 grams, reflecting a unified approach to gold coinage in Europe at the time. The 10 Franc coin was also widely circulated and valued for its smaller, more accessible denomination.

Minting and Legal Tender Status

The Vreneli coins were primarily minted at the Federal Mint in Bern. However, minting locations can be determined by a small letter on the reverse of the coin. "B" is the most common, representing Bern, home of the Swiss Mint. Other minting locations include Brussels (B.), Strasbourg (AB and BB), and Paris (A), where additional die work was performed.

Although the Vreneli coins were highly popular and widely circulated, their production came to a halt in 1936. The economic depression caused the gold content of the coins to surpass their face value, prompting the Swiss National Bank to discontinue them as legal tender. Consequently, only 175,000 coins were minted in that final year.

Vreneli Restrikes

After World War II, the Swiss Mint released 20 million restruck coins in 1945, 1946, and 1947, all dated 1935 to adhere to official specifications. These restruck coins featured the letters "L" and "B" on either side of the date; "L" signified the restrike, while "B" represented Bern. Additional restriking took place in 1947 (9.2 million) and 1949 (10 million) without any restrike indicators. This action was linked to accusations from the Allied Forces that Swiss banks had sold Nazi gold to the Swiss National Bank, which was then transformed into Vreneli coins to conceal their true origins. Although these claims were never substantiated, the Swiss government paid 250 million francs in 1946 as compensation for retaining the assets of the German Reich.

The Absence of a Swiss 1 Ounce Gold Coin

Interestingly, Switzerland has never produced its own 1 ounce gold coin. This stands in contrast to many other nations that have issued gold coins in this standard weight. However, Switzerland is home to some of the world's most renowned gold refineries, such as PAMP, Argor-Heraeus, and Valcambi. These refineries produce high-quality gold bars that are favored by investors globally.


The Vreneli coins, with their rich history and exquisite design, remain a testament to Switzerland's legacy in gold coinage. Although no longer minted, these coins are cherished by collectors and investors alike. The 5.8 gram 20 Franc coin, a standard across Europe in the early 1900s, highlights a period of unified gold standards among European nations. While Switzerland has not minted a 1 ounce gold coin, its reputation for producing high-quality gold bars through esteemed refineries continues to uphold its status in the precious metals market.

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